SHIPS SLUMP.
WORST IN MEMORY. MANY VESSELS IDLE. THOUSANDS UNEMPLOYED. Received April 20, 10.45 p.m. London, April 19. Shipbuilding employers and shipbuilding trade unions have reached an agreement by which wages will be reduced 3s weekly from May 1, with a further reduction of 3s from May 30. The present shipping slump is regarded as the worst in living memory. Approximately nine hundred British vessels, aggregating a tonnage of over two millions, have been driven to anchor by the industrial stagnation and dissentions. A city authority declares that ships to-day are unworkable and unsaleable, and are being given away with a pound of tea. Shipbuilding centres have been hit hard. There are 56,000 workers unemployed, and over 170,000 idle in the engineering and iron foundering trades. Recently a Japanese vessel of four thousand tons was sold for £ 10,000. Last year the ship was withdrawn from auction at £32,000, while earlier her owners refused £'9o,ooo.—Reuter Service.
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Taranaki Daily News, 21 April 1921, Page 5
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155SHIPS SLUMP. Taranaki Daily News, 21 April 1921, Page 5
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